There is a reason why the Securities and Exchange Commission (SEC) recognized the untapped potential of eXtensible Business Reporting Language (XBRL) in 2009. XBRL facilitates accurate financial comparisons across companies to improve business performance, investment analysis, and decision-making.
It's a known fact that banks and their regulatory bodies are drowning in data. Unorganized data is leading to issues with long processing times, error reconciliation, re-work, speed to market, and data analysis. XBRL continues to prove its the answer to the big data issue banks and regulatory bodies are facing today.
A standardized reporting language and process, like XBRL, allows business leaders to base their decisions on meaningful data, and saves time on data collection; both lead to improved risk management. Most importantly, XBRL has reduced the processing times when creating and managing the information required for regulators.
Since 2010 it has been expected that large foreign companies, who currently use International Financial Reporting Standards (IFRS), submit their financial returns to the SEC using XBRL. By doing so, it has begun to create a global standard for financial reporting.
However, many companies have yet to realize how XBRL is a value added tool for analysis; instead, they see it as a complex new compliance mandate. The XBRL Power Suite is an end-to-end XBRL solution created by SQL Power Group that accelerates the collection of high quality financial data, formatted in the electronic standardized way, for quicker financial analysis and to improve communications between regulatory agencies. It has been proven to take the complexity out of XBRL filings.
The platform renders returns forms, supports Data Collection based upon standard XBRL Formulas, delivers valuable feedback to the subscriber on their returns and provides real time XBRL validation and final certification.
SQL Power Group's XBRL solution is based on a low-risk, modular architecture that leverages their thin client XBRL Forms and XBRL Power EAS platform as the building blocks for the user experience - and couples these with XPE, the industry's highest performing and most scalable XBRL processing engine. A pre-built reporting and analytics solution for XBRL data that interfaces with XPE has also been incorporated into the solution. Finally, but certainly not least, XBRL Designer - a taxonomy design studio - is integrated into the platform solution for taxonomy and returns design and layout at the business user level.
While XBRL is the answer to more accurate standardized financial reporting, SQL Power Group's XBRL Power Suite is the answer to solving complex regulatory requirements with ease!